ICE Futures U.S. has printed a discover of settlement of prices towards Oil Brokerage Restricted.
On November 2, 2023, a subcommittee of the Trade’s Enterprise Conduct Committee decided that in quite a few cases between September 2021 and January 2022, Oil Brokerage Restricted could have violated the next Trade Guidelines for sure block trades:
- 4.07(c) by misreporting execution time and submitting trades past the 15-minute reporting window;
- 4.07(a)(ii)(A) by failing to adjust to personal negotiation necessities;
- legacy 6.08(b)(i) by failing to adjust to order ticket necessities; and
- 6.07(a)(iii) by failing to adjust to basic recordkeeping necessities.
The Committee additional decided that, in the course of the Related Interval, Oil Brokerage could have moreover violated Rule 4.01(a) by failing to diligently supervise the block commerce actions of its workers and Rule 4.01(b) by failing to determine, administer, and implement supervisory methods, insurance policies and procedures, that are fairly designed to attain compliance with Trade Guidelines.
In accordance with the phrases of settlement, wherein Oil Brokerage neither admitted nor denied the alleged rule violations, Oil Brokerage agreed to pay a financial penalty of $185,000.